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This was after Chief Minister Datuk Patinggi Abang Johari Openg had announced the new mayors of MBKS and Sibu Municipal Council (SMC).
The past two mayors of MBKS were not SUPP members while the mayor of SMC Datuk Tiong Thai King, used to be SUPP member, until he switched to Parti Sarawak Bersatu (PSB) in 2014.
As representative domestic interest rate we have selected the domestic MBKS, whereas for representative foreign interest rate we chosen the 3-month EURIBOR.
The impact of each of the three bank-specific characteristics, size, liquidity and capitalisation, and their interaction terms with the MBKS was explained in the model presented in the beginning of this section.
We next assessed the statistical significance of the foreign ownership variable and its interaction term with the MBKS. The results indicated that in all model specifications both terms are jointly insignificant at the 10% level.
For domestic currency loans, the coefficient for the domestic MBKS is negative and significant in all regressions, whereas the foreign reference rate (EURIBOR) is insignificant in all regressions for both short- and long-run estimates.
* MBKS is the weighted average interbank interest rate in nominal terms, in %.
Wee, formerly a commissioner of Kuching North City Hall (DBKU), said MBKS will also install and replaces CCTVs with more smart cameras to improve securities.
Wee also proposed the formation of a joint committee as a bridge between MBKS and DBKU.
He said the committee, whose members will be the councillors of MBKS and commissioners of DBKU, will help to identify and manage issues that may arise from the common areas of responsibilities.
He thanked the state government for appointing him the fifth mayor of MBKS, succeeding Datuk James Chan.
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